FRANKFURT Oct 3 French insurer AXA
has no plans to merge with large rivals, its chief executive
told a German newspaper, responding to recent speculation about
a possible takeover of Italian peer Generali.
"That makes no sense at all," Thomas Buberl told
Sueddeutsche Zeitung, adding that taking over large rivals would
require too much capital and resources, keeping Axa from taking
on what he said will be future rivals such as Google,
Apple and Facebook.
Speculation about a merger between the AXA and Generali has
re-emerged in recent months.
"We are big enough," Buberl, who took over as AXA's CEO in
September, was quoted as saying, chiming with recent comments
from Philippe Donnet, CEO of Generali, who said the company was
not planning to merge with AXA or with any other group.
(Reporting by Christoph Steitz; Editing by Alexander Smith)